Mcx Tips Trends for 27 July 2012

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In commodities, there is a precious one hovering around 26-27 not attracting the right buyers…? You guessed it right: It’s Silver. When it came near the historic highs of $50 last year people were too eager to sell, not buy and right now people aren’t buying at all. May be it looks so cheap!

              Going through the 10-years, 5-year, 6-months, 3- month Silver charts, there is no room for optimism at all. For the 10 year period- a bearish reversal pattern is seen clearly and current prices are below 100, 200 day moving averages. In the five year charts too, bearish reversal pattern is seen.

              At $27.20 levels silver is not appealing to anyone. According to Christopher Lewis of FX Empire, “with the lack of motion in it (silver) presently we aren’t comfortable getting involved yet. We need to see some type of bullish candle in which to even consider it, and we do recognize the fact that the $30 level above is massively resistive as well. We feel this market will be very quiet in the meantime, as we are in the height of vacation season for most traders. As such, we are observing but not trading.”

McxTips Trends From Money Capitalheight:-  

  

CH GOLD VIEW
TREND – CONSOLIDATE
STRATEGY- BUY ON DIPS
RES1-29950
RES2-30180
SUP1-29630
SUP2-29350
CH SILVER VIEW
TREND – CONSOLIDATE
STRATEGY-SELL ON HIGH
RES1-53850
RES2- 54750
SUP1-51870
SUP2-50500
CH COPPER VIEW
TREND- CONSOLIDATE
STRATEGY-BUY ON DIPS
RES1-427
RES2-435
SUP1-415
SUP2-406
CH CRUDE VIEW
TREND- CONSOLIDATE
STRATEGY-BUY ON DIPS
RES1-5035
RES2-5110
SUP1-4890
SUP2-4810

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